2018 Q1 Form 10-Q Financial Statement

#000160154818000044 Filed on May 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $320.5M $290.1M
YoY Change 10.5%
Cost Of Revenue $294.1M $264.7M
YoY Change 11.09%
Gross Profit $26.47M $25.36M
YoY Change 4.35%
Gross Profit Margin 8.26% 8.74%
Selling, General & Admin $17.80M $13.71M
YoY Change 29.77%
% of Gross Profit 67.24% 54.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $403.0K $400.0K
YoY Change 0.75%
% of Gross Profit 1.52% 1.58%
Operating Expenses $17.80M $13.71M
YoY Change 29.77%
Operating Profit $8.671M $11.65M
YoY Change -25.56%
Interest Expense -$1.164M -$1.134M
YoY Change 2.65%
% of Operating Profit -13.42% -9.73%
Other Income/Expense, Net
YoY Change
Pretax Income $7.507M $10.52M
YoY Change -28.61%
Income Tax $1.396M $3.847M
% Of Pretax Income 18.6% 36.59%
Net Earnings $6.111M $6.668M
YoY Change -8.35%
Net Earnings / Revenue 1.91% 2.3%
Basic Earnings Per Share $0.55 $0.61
Diluted Earnings Per Share $0.54 $0.60
COMMON SHARES
Basic Shares Outstanding 11.15M shares 10.91M shares
Diluted Shares Outstanding 11.34M shares 11.08M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.70M $53.70M
YoY Change -46.55%
Cash & Equivalents $28.75M
Short-Term Investments
Other Short-Term Assets $7.890M $7.478M
YoY Change 5.51%
Inventory $0.00 $12.60M
Prepaid Expenses
Receivables $243.3M $162.1M
Other Receivables $2.729M $2.842M
Total Short-Term Assets $282.7M $238.7M
YoY Change 18.43%
LONG-TERM ASSETS
Property, Plant & Equipment $4.236M $2.679M
YoY Change 58.12%
Goodwill $231.2M $216.9M
YoY Change 6.59%
Intangibles $10.22M
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.820M $1.314M
YoY Change 495.13%
Total Long-Term Assets $253.5M $220.9M
YoY Change 14.75%
TOTAL ASSETS
Total Short-Term Assets $282.7M $238.7M
Total Long-Term Assets $253.5M $220.9M
Total Assets $536.2M $459.6M
YoY Change 16.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $135.6M $95.65M
YoY Change 41.81%
Accrued Expenses $28.57M $18.47M
YoY Change 54.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.000M $17.50M
YoY Change -77.14%
Total Short-Term Liabilities $216.2M $182.5M
YoY Change 18.45%
LONG-TERM LIABILITIES
Long-Term Debt $72.32M $62.79M
YoY Change 15.18%
Other Long-Term Liabilities $1.383M $2.307M
YoY Change -40.05%
Total Long-Term Liabilities $128.3M $152.4M
YoY Change -15.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $216.2M $182.5M
Total Long-Term Liabilities $128.3M $152.4M
Total Liabilities $344.5M $334.9M
YoY Change 2.88%
SHAREHOLDERS EQUITY
Retained Earnings $117.3M $64.59M
YoY Change 81.65%
Common Stock $112.0K $109.0K
YoY Change 2.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $191.7M $124.7M
YoY Change
Total Liabilities & Shareholders Equity $536.2M $459.6M
YoY Change 16.66%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $6.111M $6.668M
YoY Change -8.35%
Depreciation, Depletion And Amortization $403.0K $400.0K
YoY Change 0.75%
Cash From Operating Activities -$11.64M $9.914M
YoY Change -217.38%
INVESTING ACTIVITIES
Capital Expenditures $100.0K $0.00
YoY Change
Acquisitions $37.21M $0.00
YoY Change
Other Investing Activities -$37.20M $0.00
YoY Change
Cash From Investing Activities -$37.28M -$24.00K
YoY Change 155245.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.000M $3.500M
YoY Change -71.43%
Cash From Financing Activities -$476.0K -$4.027M
YoY Change -88.18%
NET CHANGE
Cash From Operating Activities -$11.64M $9.914M
Cash From Investing Activities -$37.28M -$24.00K
Cash From Financing Activities -$476.0K -$4.027M
Net Change In Cash -$48.71M $5.863M
YoY Change -930.74%
FREE CASH FLOW
Cash From Operating Activities -$11.64M $9.914M
Capital Expenditures $100.0K $0.00
Free Cash Flow -$11.74M $9.914M
YoY Change -218.39%

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0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
18000000 USD
CY2018Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
31000000 USD
CY2017Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
50000 USD
CY2018Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1309000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3733000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4236000 USD
CY2017Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
174995000 USD
CY2018Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
246052000 USD
CY2017Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
18000000 USD
CY2018Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
31000000 USD
CY2017Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3500000 USD
CY2018Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1000000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
117415000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
123449000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
117338000 USD
CY2017Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
290063000 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
320516000 USD
CY2018Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
P9M
CY2018Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
P1Y
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
13713000 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
17795000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1086000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1415000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
33.62
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
183372000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
191686000 USD
CY2017Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
121601000 USD
CY2018Q1 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
156048000 USD
CY2018Q1 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
132058000 USD
CY2018Q1 us-gaap Unbilled Receivables Not Billable At Balance Sheet Date Amount Expected To Be Collected After One Year
UnbilledReceivablesNotBillableAtBalanceSheetDateAmountExpectedToBeCollectedAfterOneYear
3000000 USD
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11075000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11338000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10909000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11146000 shares
CY2017Q4 vec Accrued Insurance Financing Current
AccruedInsuranceFinancingCurrent
7426000 USD
CY2018Q1 vec Accrued Insurance Financing Current
AccruedInsuranceFinancingCurrent
10233000 USD
CY2017Q1 vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueChangeinMeasureofProgressAndModificationOfContract
2719000 USD
CY2018Q1 vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueChangeinMeasureofProgressAndModificationOfContract
2841000 USD
CY2017Q1 vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Favorable Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueFavorableChangeinMeasureofProgressAndModificationOfContract
3542000 USD
CY2018Q1 vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Favorable Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueFavorableChangeinMeasureofProgressAndModificationOfContract
4152000 USD
CY2017Q1 vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Gross Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueGrossChangeinMeasureofProgressAndModificationOfContract
2400000 USD
CY2018Q1 vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Gross Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueGrossChangeinMeasureofProgressAndModificationOfContract
3400000 USD
CY2017Q1 vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Unfavorable Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueUnfavorableChangeinMeasureofProgressAndModificationOfContract
823000 USD
CY2018Q1 vec Contractwith Customer Liability Cumulative Catchup Adjustmentto Revenue Unfavorable Changein Measureof Progress And Modification Of Contract
ContractwithCustomerLiabilityCumulativeCatchupAdjustmenttoRevenueUnfavorableChangeinMeasureofProgressAndModificationOfContract
1311000 USD
CY2018Q1 vec Defined Contribution Plan Numberof Plans
DefinedContributionPlanNumberofPlans
1 plan
CY2017Q1 vec Depreciation Depletionand Amortization Excluding Amortizationof Financing Costs
DepreciationDepletionandAmortizationExcludingAmortizationofFinancingCosts
407000 USD
CY2018Q1 vec Depreciation Depletionand Amortization Excluding Amortizationof Financing Costs
DepreciationDepletionandAmortizationExcludingAmortizationofFinancingCosts
809000 USD
CY2018Q1 vec Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.90
CY2018Q1 vec Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.10
CY2018Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Certain reclassifications have been made to the presentation of amounts in our Condensed Consolidated Balance Sheets as of </font><font style="font-family:Arial;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:Arial;font-size:10pt;"> to conform to the current year presentation. Specifically, certain intangible assets were reclassified from non-current assets and are now presented separately on our Condensed Consolidated Balance Sheets.</font></div></div>
CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Estimates are revised as additional information becomes available. Estimates and assumptions are used for, but not limited to, revenue recognition, income tax contingency accruals, fair value and impairment of goodwill, useful lives of intangible assets, and valuation of assets and certain contingent liabilities. Actual results could differ from these estimates.</font></div></div>

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